Recent transactions show that Sun Ge’s team has moved the last 175.7 million TUSD from their Ethereum holdings to HTX, with a total of 392.3 million TUSD transferred to the exchange over the past two days.
This raises concerns about the future of the stablecoin, with many suggesting that TUSD may be “dead in name only.”
As of now, the total circulation of TUSD stands at a mere 495.5 million, with Sun Ge’s team controlling 394.3 million. The majority of this amount has already been moved to HTX, further signaling a decline in the stablecoin’s activity.
Across other platforms, including centralized exchanges (CEXs), decentralized finance (DeFi) protocols, and on-chain addresses, only 101 million TUSD remains. Binance holds 16.51 million of that total. The shrinking circulation outside HTX has raised questions about TUSD’s viability as a stablecoin in the broader market.
1 小时前，孙哥团队相关地址将以太坊链上持有的最后 1.757 亿枚 $TUSD 转进 HTX，最近 2 天里共计转进 HTX 3.923 亿枚 TUSD。
作为一个稳定币来讲，感觉 $TUSD 目前已经 “名存实亡” 了：
总流通量仅有 4.955 亿，而孙哥团队就持有 3.943 亿 (目前基本已经转进 HTX)。
其它所有 CEX、DeFi… https://t.co/2SHAgV1foc pic.twitter.com/nzzFSfbenz— 余烬 (@EmberCN) September 28, 2024
TUSD was once a reliable asset in the stablecoin ecosystem, but its current state suggests otherwise. The centralization of such a large portion of its supply within HTX could impact its liquidity and trust across the wider market. Observers are now questioning the future of TUSD and its relevance in a competitive stablecoin landscape.
In light of these developments, TUSD’s dwindling presence and concentration in one entity’s control have cast doubt on whether it can maintain its role as a stablecoin or if it has effectively become obsolete. With such a large percentage of the total supply sitting with one player, the future of TUSD remains uncertain.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/tusd-stablecoin-on-life-support-as-majority-transfers-to-htx/